Surojit Chatterjee, the CPO of Coinbase, one of the crypto exchanges with the largest volume in the world, shared his crypto thoughts and made an Ethereum analysis.

Saying that Ethereum's scalability problem can be solved to a large extent in 2022, Chatterjee stated that L1 networks will still continue to be popular. Referring to the self-development speed of networks such as AVAX, Solana and LUNA, Surojit continues to support L1 networks.

Surojit Chatterjee ETH

Saying that one of the new solutions, ZK-rollup technology, can create a great revolution for users and accelerate the transition between L1 and L2 networks, Surojit expects a serious increase in Ethereum price with these developments.

Ethereum continues to resist the drops experienced by Bitcoin. The fact that Ethereum does not fall increases confidence in altcoins, while preventing possible large value losses that may occur in many altcoins.

Ethereum, which received support from the $3,600 – $3,750 support level and trendline, started to target the upper resistances again. In Ethereum, where the $4,030 – $4,150 range is the hard resistance, the closes above $4200 are stated as accumulating before sharp rises.

Closing above these levels seems to herald a rise to $4800 first, then $4800, which is the ATH resistance.

Ethereum-3

What is Ethereum?

Ethereum is a decentralized blockchain platform founded by Vitalik Buterin in 2014. Like Bitcoin, Ethereum is an open source project that is not owned or operated by a single individual. This means anyone can download the software wherever they want and start interacting with the network.

Unlike the Bitcoin network, the primary purpose of Ethereum is not to be a currency, but to enable those who interact with the Ethereum Network to make and operate "smart contracts" without having to trust each other or use intermediaries. Smart contracts are applications that work exactly as programmed, without downtime, censorship, fraud, or third-party interference. Smart contracts work exactly the same way each time they are used.

To achieve all this, Ethereum uses a "virtual machine" similar to a giant, global computer made up of many individual computers running Ethereum software. The virtual currency that makes this system work is called ether. People interact with the Ethereum network using ether while paying the network to execute smart contracts.

Ethereum aims to extend the decentralization, security, and openness provided by blockchains to just about anything that can be programmed.